When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. OurPrivacy Noticeexplains more about how we use your data, and your rights. You can unsubscribe at any time.

Swiss banking software firm Avaloq has more than doubled its floorspace at its Edinburgh research and development centre.

The privately-owned company, which provides software solutions for the financial services sector, has taken a further 12,100 sq ft at the Tanfield office development in the north of the city, taking its total floorspace at the site to 21.400 sq ft.

Avaloq, which currently employs 75 people, said it hopes to swell staff numbers to 90 in the short term with a view to increasing headcount to 130 by the end of the year.

The company founded its Edinburgh base in 2011 and was supported by grants totalling £1.74 million from Scottish Enterprise in the form of 'Traing Plus' grants.

Chris Zwicker, managing director of Avaloq Innovation, said: “Since being founded in 2011, the centre has made rapid progress towards establishing itself as an equal to our mature development facilities in Zurich.

“This next stage of expansion is a clear testament to the importance Avaloq places on Edinburgh as a key asset in its strong growth ambitions.

“When we originally set out our plans to build an R&D centre to complement our development teams in Zurich, we knew we needed a location that was at the heart of the financial industry while also being a hub for current and upcoming talent in the technology field.

“Edinburgh was the ideal choice and our success has completely validated this decision, which is why we are continuing to invest in the Scottish capital.”